HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 9 February 2017 PRESS RELEASE PRODUCTION INDEX IN INDUSTRY: December 2016 y-o-y increase by 2.2% The evolution of the Production in Industry (IPI) with base year 2010=100.0 for December 2016, according to provisional data, is as follows: The Production in Industry (IPI), according to working day adjusted data, in December 2016 compared with December 2015 recorded an increase of 2.2%. In December 2015, the annual rate of of the IPI was 6.9% (Table 1). In the 12-month period from January 2016 to December 2016, according to working day adjusted data, the rate of of the IPI was 2.3%. In December 2015, the corresponding rate of of the IPI was 1.0% (Table 2). The seasonally adjusted Production in Industry (IPI), after eliminating the monthly effects (e.g. holidays, tourist period etc), in December 2016 compared with November 2016 recorded an increase of 2.2% (Table 4). 12% Graph 1. Evolution of Annual Rates of Change (y-o-y) of the Industrial Production and the Manufacturing Production (2010=100.0) 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII 2014 2015 2016 Industrial Production (y-o-y) Manufacturing Production (y-o-y) Information: Economic and Short-Term Indices Division Production Indices Section Diamantaki Aikaterini - Thymoglou Georgia Tel: +30 213 1352122 2737 Fax: +30 213 1352738 a.diamantaki@statistics.gr - g.thymoglou@statistics.gr 1
The following graphs depict the evolution of seasonally and non-seasonally adjusted overall Industrial Production and the monthly s (m-o-m) of the seasonally adjusted index. Graph 2. Evolution of the Industrial Production (2010=100.0) 110 100 90 80 70 Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI 2010 2011 2012 2013 2014 2015 2016 Non seasonally adjusted Seasonally adjusted Graph 3. Evolution of the Changes (m-o-m) of the Seasonally Adjusted Industrial Production (2010=100.0) 6% 4% 2% 0.9% 1.8% 0.9% 2.8% 1.3% 2.7% 0.6% 2.1% 4.8% 4.1% 2.2% 4.4% 3.8% 0.8% 4.5% 2.2% 0% -2% -4% -1.9% -2.1% -0.3% -0.7% -0.6% -1.4% -0.1% -1.9% -2.8% -4.1% -0.8% -1.2% -2.1% -1.2% -4.2% -0.3% -4.0% -0.9% -1.8% -1.0% -6% Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII 2014 2015 2016 Seasonally Adjusted Industrial Production (m-o-m) It should be noted that the whole series with seasonally adjusted indices is recalculated every time a new observation is added in time series. Therefore, the seasonally adjusted data differ from the published data of the previous Press Release. 2
Comparisons of the Industrial Production in December 2016 I. Annual comparison of the Industrial Production (Table 1) The increase of IPI by 2.2%, according to working day adjusted data, in December 2016 compared with the corresponding index in December 2015 is due to the following annual s in the industrial sections: 1. Increases of indices: By 0.6% of the Mining and Quarrying Production. By 15.9% of the Electricity Production. 2. Decreases of indices: By 1.9% of the Manufacturing Production. By 1.0% of the Water Supply Production. 2. Comparison of the average index of the period January - December 2016 with the corresponding index of the period January - December 2015 (Table 2) The increase of IPI by 2.3%, according to working day adjusted data, in the 12-month period January December 2016, compared with the corresponding index in the period January December 2015 is due to the following 12-month in the industrial sections: 1. Increases of indices: By 4.0% of the Manufacturing Production. By 1.4% of the Electricity Production. By 0.2% of the Water Supply Production. 2. Decrease of the index: By 14.8% of the Mining and Quarrying Production. 3. comparison of the Industrial Production (Table 4) The increase of IPI by 2.2%, according to seasonally adjusted data, in December 2016 compared with the corresponding index in November 2016 is due to the following monthly s in the industrial sections: 1. Increases of indices: By 8.0% of the Mining and Quarrying Production. By 10.6% of the Electricity Production. 2. Decreases of indices: By 0.4% of the Manufacturing Production. By 0.6% of the Water Supply Production. 3
The following graph depicts the evolution of the Industrial Production and the Industrial Sections Indices. 120 Graph 4. Evolution of the Industrial Production and the Industrial Section Indices (2010=100.0) 110 100 90 80 70 60 50 Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII 2014 2015 2016 Industrial Production Manufacturing Water Supply Mining-Quarrying Electricity 4
Table 1: Annual of the Industrial Production (working day adjusted data, according to the real number of working days) Branch code Branch name December Rate of 2016* 2015 2014 2016/2015 2015/2014 OVERALL 91.71 89.77 83.99 2.2 6.9 B MINING AND QUARRYING 74.40 73.92 67.11 0.6 10.1 05 Mining of coal and lignite 80.76 73.71 64.51 9.6 14.3 06 Extraction of crude petroleum and natural gas 155.66 64.92 67.63 139.8-4.0 07 Mining of metal ores 48.08 87.26 82.06-44.9 6.3 08 Other mining and quarrying products 62.49 70.08 67.05-10.8 4.5 C MANUFACTURING 87.95 89.63 85.09-1.9 5.3 10 Food 80.09 80.55 79.99-0.6 0.7 11 Beverages 46.13 52.74 51.62-12.5 2.2 12 Tobacco products 114.80 113.82 120.94 0.9-5.9 13 Textiles 54.77 57.84 56.17-5.3 3.0 14 Wearing apparel 47.56 53.69 47.36-11.4 13.4 15 Leather and related products 49.57 50.60 39.85-2.0 27.0 16 Wood and cork 50.40 49.52 46.45 1.8 6.6 17 Paper and paper products 87.39 92.03 90.82-5.0 1.3 18 Printing and recording services 54.64 59.44 67.64-8.1-12.1 19 Coke and refined petroleum products 134.96 133.68 128.22 1.0 4.3 20 Chemicals and chemical products 77.50 79.12 72.19-2.0 9.6 21 Basic pharmaceutical products and pharmaceutical preparations 131.90 141.21 107.36-6.6 31.5 22 Rubber and plastic products 76.29 83.79 76.22-9.0 9.9 23 Other non-metallic mineral products 56.45 55.79 47.61 1.2 17.2 24 Basic metals 94.39 86.75 94.14 8.8-7.8 25 Fabricated metal products 82.79 75.96 64.73 9.0 17.3 26 Computers, electronic and optical products 148.38 205.80 150.65-27.9 36.6 27 Electrical equipment 65.21 69.88 68.19-6.7 2.5 28 Machinery and equipment n. e. c. 109.10 111.77 116.97-2.4-4.5 29 Motor vehicles, trailers and semi-trailers 179.24 105.93 110.76 69.2-4.4 30 Other transport equipment 100.98 128.50 43.58-21.4 194.9 31 Furniture 59.58 71.58 63.15-16.8 13.4 32 Other manufactured goods 99.39 95.20 78.74 4.4 20.9 33 Repair and installation services of machinery and equipment 108.52 118.49 140.76-8.4-15.8 D ELECTRICITY 109.86 94.76 84.33 15.9 12.4 35 Production and distribution of electricity 109.86 94.76 84.33 15.9 12.4 E WATER SUPPLY 89.58 90.47 89.06-1.0 1.6 36 Treatment and supply services of natural water 89.58 90.47 89.06-1.0 1.6 MAIN INDUSTRIAL GROUPINGS 1 Energy 112.14 102.78 94.75 9.1 8.5 2 Intermediate goods 73.68 75.13 72.32-1.9 3.9 3 Capital goods 112.85 112.09 107.56 0.7 4.2 4 Consumer Durables 61.82 77.26 64.42-20.0 19.9 5 Consumer Non-Durables 77.21 81.14 75.90-4.8 6.9 * Provisional data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 5
Table 2: Average indices of the period January December and of the Industrial Production, 2014-2016 (working day adjusted data, according to the real number of working days) Branch code Average indices of the period Jan.-Dec. Rate of Branch name 2016* 2015 2014 2016/2015 2015/2014 OVERALL 90.71 88.68 87.77 2.3 1.0 B MINING AND QUARRYING 68.37 80.20 85.74-14.8-6.5 05 Mining of coal and lignite 56.99 81.08 88.43-29.7-8.3 06 Extraction of crude petroleum and natural gas 142.33 59.59 57.60 138.8 3.5 07 Mining of metal ores 79.91 78.61 84.96 1.7-7.5 08 Other mining and quarrying products 82.02 80.85 82.80 1.4-2.4 C MANUFACTURING 93.42 89.84 88.28 4.0 1.8 10 Food 94.59 92.31 93.80 2.5-1.6 11 Beverages 85.68 87.53 85.80-2.1 2.0 12 Tobacco products 120.08 117.23 98.66 2.4 18.8 13 Textiles 65.61 64.18 60.66 2.2 5.8 14 Wearing apparel 49.37 54.32 62.71-9.1-13.4 15 Leather and related products 50.77 46.22 52.92 9.8-12.7 16 Wood and cork 41.42 39.51 41.99 4.8-5.9 17 Paper and paper products 97.04 98.84 96.45-1.8 2.5 18 Printing and recording services 52.22 52.97 57.56-1.4-8.0 19 Coke and refined petroleum products 128.76 119.86 118.41 7.4 1.2 20 Chemicals and chemical products 101.58 95.08 91.68 6.8 3.7 21 Basic pharmaceutical products and pharmaceutical preparations 109.89 105.74 98.43 3.9 7.4 22 Rubber and plastic products 90.38 92.80 88.49-2.6 4.9 23 Other non-metallic mineral products 63.52 55.61 55.62 14.2 0.0 24 Basic metals 112.05 105.73 101.88 6.0 3.8 25 Fabricated metal products 83.01 75.71 77.90 9.6-2.8 26 Computers, electronic and optical products 100.80 127.17 99.18-20.7 28.2 27 Electrical equipment 71.94 70.19 63.47 2.5 10.6 28 Machinery and equipment n. e. c. 96.32 86.54 84.55 11.3 2.3 29 Motor vehicles, trailers and semi-trailers 75.62 57.76 65.73 30.9-12.1 30 Other transport equipment 79.02 78.39 28.50 0.8 175.0 31 Furniture 51.82 48.18 47.73 7.6 1.0 32 Other manufactured goods 90.15 88.19 81.45 2.2 8.3 33 Repair and installation services of machinery and equipment 57.10 60.30 72.96-5.3-17.3 D ELECTRICITY 86.82 85.61 85.14 1.4 0.6 35 Production and distribution of electricity 86.82 85.61 85.14 1.4 0.6 E WATER SUPPLY 98.15 97.92 96.09 0.2 1.9 36 Treatment and supply services of natural water 98.15 97.92 96.09 0.2 1.9 MAIN INDUSTRIAL GROUPINGS 1 Energy 96.70 95.55 95.42 1.2 0.1 2 Intermediate goods 86.76 83.01 81.35 4.5 2.0 3 Capital goods 72.04 69.65 68.08 3.4 2.3 4 Consumer Durables 55.61 56.79 55.45-2.1 2.4 5 Consumer Non-Durables 92.34 90.59 89.45 1.9 1.3 * Provisional data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 6
Table 3: rate of of the Industrial Production (working day adjusted data, according to the real number of working days) Branch code Branch name December November Rate of 2016* 2016** Dec. 16/ Nov. 16 OVERALL 91.71 89.94 2.0 B MINING AND QUARRYING 74.40 77.35-3.8 05 Mining of coal and lignite 80.76 74.04 9.1 06 Extraction of crude petroleum and natural gas 155.66 147.87 5.3 07 Mining of metal ores 48.08 78.94-39.1 08 Other mining and quarrying products 62.49 77.24-19.1 C MANUFACTURING 87.95 91.30-3.7 10 Food 80.09 84.99-5.8 11 Beverages 46.13 55.32-16.6 12 Tobacco products 114.80 128.55-10.7 13 Textiles 54.77 65.60-16.5 14 Wearing apparel 47.56 49.14-3.2 15 Leather and related products 49.57 51.11-3.0 16 Wood and cork 50.40 48.24 4.5 17 Paper and paper products 87.39 95.55-8.5 18 Printing and recording services 54.64 51.69 5.7 19 Coke and refined petroleum products 134.96 128.19 5.3 20 Chemicals and chemical products 77.50 95.26-18.6 21 Basic pharmaceutical products and pharmaceutical preparations 131.90 114.20 15.5 22 Rubber and plastic products 76.29 89.54-14.8 23 Other non-metallic mineral products 56.45 67.12-15.9 24 Basic metals 94.39 124.44-24.2 25 Fabricated metal products 82.79 88.12-6.1 26 Computers, electronic and optical products 148.38 106.48 39.4 27 Electrical equipment 65.21 78.72-17.2 28 Machinery and equipment n. e. c. 109.10 102.36 6.6 29 Motor vehicles, trailers and semi-trailers 179.24 115.23 55.5 30 Other transport equipment 100.98 86.33 17.0 31 Furniture 59.58 56.03 6.3 32 Other manufactured goods 99.39 87.04 14.2 33 Repair and installation services of machinery and equipment 108.52 68.41 58.6 D ELECTRICITY 109.86 88.40 24.3 35 Production and distribution of electricity 109.86 88.40 24.3 E WATER SUPPLY 89.58 93.63-4.3 36 Treatment and supply services of natural water 89.58 93.63-4.3 MAIN INDUSTRIAL GROUPINGS 1 Energy 112.14 98.59 13.8 2 Intermediate goods 73.68 89.32-17.5 3 Capital goods 112.85 86.21 30.9 4 Consumer Durables 61.82 57.69 7.2 5 Consumer Non-Durables 77.21 81.23-4.9 * Provisional data ** Revised data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 7
Table 4: rate of of the seasonally adjusted Industrial Production Branch code Branch name December November Rate of 2016* 2016** Dec. 16/ Nov. 16 OVERALL 94.47 92.39 2.2 B MINING AND QUARRYING 82.93 76.77 8.0 05 Mining of coal and lignite 87.06 73.10 19.1 06 Extraction of crude petroleum and natural gas 154.61 149.04 3.7 07 Mining of metal ores 54.15 73.55-26.4 08 Other mining and quarrying products 75.08 75.49-0.5 C MANUFACTURING 92.34 92.70-0.4 10 Food 94.89 94.91-0.02 11 Beverages 83.40 83.51-0.1 12 Tobacco products 119.57 116.40 2.7 13 Textiles 60.37 62.02-2.7 14 Wearing apparel 49.05 46.80 4.8 15 Leather and related products 51.01 50.67 0.7 16 Wood and cork 44.17 43.29 2.0 17 Paper and paper products 96.14 94.36 1.9 18 Printing and recording services 47.92 48.94-2.1 19 Coke and refined petroleum products 131.22 126.74 3.5 20 Chemicals and chemical products 99.28 103.79-4.3 21 Basic pharmaceutical products and pharmaceutical preparations 115.58 112.03 3.2 22 Rubber and plastic products 88.54 86.02 2.9 23 Other non-metallic mineral products 62.55 63.54-1.6 24 Basic metals 108.70 115.18-5.6 25 Fabricated metal products 84.87 88.38-4.0 26 Computers, electronic and optical products 111.88 107.50 4.1 27 Electrical equipment 68.24 74.88-8.9 28 Machinery and equipment n. e. c. 81.74 97.38-16.1 29 Motor vehicles, trailers and semi-trailers 89.81 91.52-1.9 30 Other transport equipment 75.89 79.74-4.8 31 Furniture 47.60 51.16-7.0 32 Other manufactured goods 93.63 89.17 5.0 33 Repair and installation services of machinery and equipment 52.34 53.84-2.8 D ELECTRICITY 103.30 93.40 10.6 35 Production and distribution of electricity 103.30 93.40 10.6 E WATER SUPPLY 98.18 98.81-0.6 36 Treatment and supply services of natural water 98.18 98.81-0.6 MAIN INDUSTRIAL GROUPINGS 1 Energy 109.69 101.51 8.1 2 Intermediate goods 83.88 86.81-3.4 3 Capital goods 70.83 74.80-5.3 4 Consumer Durables 57.64 53.97 6.8 5 Consumer Non-Durables 90.60 91.15-0.6 * Provisional data ** Revised data Notes: 1. The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series. 8
Table 5: Comparisons of the overall Industrial Production (working day adjusted data, according to the real number of working days) Year and month Overall index rate of % Annual rate of % 12-month average indices (moving average) Rate of of the 12-month average indices % 2014: 1 79.98-7.4-2.8 89.31-3.2 2 85.94 7.4 0.5 89.35-2.9 3 85.91-0.04-3.9 89.06-3.2 4 87.12 1.4-3.2 88.82-3.5 5 90.10 3.4 0.3 88.85-3.1 6 94.37 4.7-5.2 88.42-3.8 7 98.12 4.0 0.1 88.42-3.1 8 84.32-14.1-4.7 88.08-3.0 9 90.23 7.0-4.3 87.74-3.1 10 87.19-3.4-0.02 87.74-2.6 11 85.95-1.4 3.3 87.97-1.8 12 83.99-2.3-2.7 87.77-1.9 Annual average 87.77 - - 87.77-1.9 2015: 1 80.34-4.3 0.4 87.80-1.7 2 88.08 9.6 2.5 87.98-1.5 3 90.99 3.3 5.9 88.40-0.7 4 87.86-3.4 0.8 88.46-0.4 5 86.37-1.7-4.1 88.15-0.8 6 90.46 4.7-4.1 87.83-0.7 7 95.71 5.8-2.5 87.62-0.9 8 87.87-8.2 4.2 87.92-0.2 9 92.93 5.8 3.0 88.15 0.5 10 85.68-7.8-1.7 88.02 0.3 11 88.16 2.9 2.6 88.20 0.3 12 89.77 1.8 6.9 88.68 1.0 Annual average 88.68 - - 88.68 1.0 2016: 1 83.62-6.9 4.1 88.96 1.3 2 85.50 2.3-2.9 88.74 0.9 3 87.55 2.4-3.8 88.46 0.1 4 90.88 3.8 3.4 88.71 0.3 5 89.00-2.1 3.0 88.93 0.9 6 97.57 9.6 7.9 89.52 1.9 7 100.16 2.7 4.7 89.89 2.6 8 87.95-12.2 0.1 89.90 2.2 9 93.03 5.8 0.1 89.91 2.0 10 91.66-1.5 7.0 90.40 2.7 11 89.94-1.9 2.0 90.55 2.7 12* 91.71 2.0 2.2 90.71 2.3 Annual average 90.71 - - 90.71 2.3 * Provisional data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 9
Table 6: evolution of the seasonally adjusted general Industrial Production and Main Industrial Groupings Consumer Overall Energy Intermediate goods Capital goods Consumer Durables Non-Durables Year - month 2014: 1 87.65-1.9 96.30-4.5 80.99 1.1 65.81-7.6 58.43 5.1 88.42 0.4 2 88.41 0.9 96.33 0.02 82.76 2.2 70.22 6.7 58.83 0.7 88.50 0.1 3 86.52-2.1 92.47-4.0 82.23-0.6 68.70-2.2 52.56-10.7 88.26-0.3 4 88.10 1.8 95.85 3.7 81.43-1.0 66.94-2.6 54.96 4.6 90.26 2.3 5 88.90 0.9 96.96 1.2 82.63 1.5 68.25 2.0 54.24-1.3 90.20-0.1 6 88.31-0.7 97.81 0.9 80.06-3.1 71.24 4.4 54.22-0.03 88.64-1.7 7 88.04-0.3 92.79-5.1 82.66 3.3 66.42-6.8 55.83 3.0 93.21 5.2 8 86.82-1.4 92.44-0.4 81.36-1.6 73.85 11.2 56.88 1.9 88.82-4.7 9 86.33-0.6 95.06 2.8 79.41-2.4 63.99-13.4 54.79-3.7 87.49-1.5 10 88.77 2.8 98.48 3.6 80.48 1.3 68.70 7.4 54.13-1.2 89.55 2.4 11 88.72-0.1 98.31-0.2 80.24-0.3 66.33-3.4 53.49-1.2 90.39 0.9 12 87.07-1.9 92.89-5.5 82.32 2.6 67.85 2.3 60.77 13.6 89.26-1.3 Annual average 87.80 95.47 81.38 68.19 55.76 89.42 2015: 1 88.21 1.3 96.80 4.2 79.32-3.6 81.14 19.6 54.89-9.7 88.17-1.2 2 90.58 2.7 97.59 0.8 83.27 5.0 74.36-8.3 55.80 1.7 93.37 5.9 3 91.16 0.6 97.00-0.6 85.45 2.6 77.10 3.7 58.50 4.8 93.47 0.1 4 88.59-2.8 93.99-3.1 85.07-0.4 72.60-5.8 56.28-3.8 89.86-3.9 5 84.93-4.1 82.67-12.0 88.23 3.7 68.35-5.9 56.74 0.8 90.43 0.6 6 84.30-0.8 84.08 1.7 85.94-2.6 64.31-5.9 54.90-3.2 89.30-1.3 7 86.05 2.1 98.39 17.0 76.01-11.6 64.37 0.1 48.09-12.4 85.37-4.4 8 90.22 4.8 97.28-1.1 85.75 12.8 58.31-9.4 67.28 39.9 93.01 9.0 9 89.15-1.2 100.15 2.9 77.99-9.1 68.17 16.9 53.47-20.5 91.09-2.1 10 87.29-2.1 96.26-3.9 80.10 2.7 67.12-1.5 51.94-2.9 88.13-3.2 11 90.82 4.1 100.68 4.6 84.16 5.1 66.82-0.4 56.31 8.4 90.72 2.9 12 92.79 2.2 100.64-0.04 85.52 1.6 70.42 5.4 72.31 28.4 94.84 4.5 Annual average 88.67 95.46 83.07 69.42 57.21 90.65 2016: 1 91.64-1.2 100.24-0.4 84.41-1.3 64.75-8.0 52.12-27.9 94.78-0.1 2 87.80-4.2 89.17-11.0 85.90 1.8 67.44 4.2 51.68-0.8 94.40-0.4 3 87.51-0.3 87.26-2.1 87.40 1.7 68.26 1.2 54.87 6.2 94.26-0.1 4 91.36 4.4 94.18 7.9 89.38 2.3 69.00 1.1 57.67 5.1 96.28 2.1 5 87.74-4.0 92.47-1.8 83.82-6.2 69.32 0.5 57.33-0.6 90.77-5.7 6 91.06 3.8 92.30-0.2 93.89 12.0 73.42 5.9 56.55-1.4 92.69 2.1 7 90.25-0.9 95.35 3.3 84.51-10.0 74.44 1.4 57.86 2.3 94.02 1.4 8 90.94 0.8 96.64 1.4 90.76 7.4 75.60 1.5 58.83 1.7 88.51-5.9 9 89.28-1.8 97.99 1.4 84.39-7.0 72.84-3.6 54.03-8.1 87.51-1.1 10 93.30 4.5 103.16 5.3 86.04 2.0 76.00 4.3 55.32 2.4 92.49 5.7 11 92.39-1.0 101.51-1.6 86.81 0.9 74.80-1.6 53.97-2.5 91.15-1.4 12 94.47 2.2 109.69 8.1 83.88-3.4 70.83-5.3 57.64 6.8 90.60-0.6 Annual average 90.65 96.66 86.76 71.39 55.66 92.29 Notes: 1. The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 10
2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series. METHODOLOGICAL NOTES Generally The Industrial Production (IPI) is being compiled since 1959. Purpose of the index The IPI is an important business cycle indicator, which shows the monthly activity in the Mining-Quarrying, Manufacturing, Electricity and Water Supply sectors. A more specific object of the Industrial Production is to compare the magnitude (volume) of the current month s output at any given time with the corresponding figure for a given base period. The IPI shows the evolution of value added, at factor cost, of production, at constant prices. Legal basis Reference period The compilation of IPI is governed by Council Regulation (EEC) No.1165/98 concerning short-term statistics. Furthermore, the IPI is governed by the Regulation (EEC) No.1893/2006 of the European Parliament and of the Council, by the Commission Regulation (EEC) No.656/2007 and by the Regulation (EEC) No.451/2008 of the Council. Month Base year 2010=100.0. Revision Statistical classifications The IPI is a fixed base index. Pursuant to the provisions of Council Regulation No 1165/98 concerning shortterm statistics, the index in question is updated every five (5) years in years ending in 0 or 5. At the level of categories of economic activities the Eurostat classification NACE Rev. 2 was used (Regulation 1893/2006), while at the level of main industrial groups, the allocation of two-digit and threedigit NACE Rev. 2 headings to categories of aggregate classification was used, in accordance with the Council Regulation 656/2007. At product level, the Eurostat classification CPA 2008 was used, according to the Council Regulation 451/2008. Geographical coverage The covers the whole country. Coverage of economic activities The index covers all the sections of industry, the main industrial groups, all the levels of economic activities (divisions, groups, classes) and the level of products. Statistical survey The data are collected from a sample of 1,338 enterprises. The survey covers a total of 354 products and the measurement of the surveyed products is made in terms of output quantities or in terms of production value or turnover, according to the specific situation in each branch of economic activity. Seasonal adjustment Publication of data References Seasonal adjustment is the procedure followed to remove the impact of seasonality on the time-series in order to improve the comparability over time. The method used is the TRAMO-SEATS method with the use of JDemetra+ 2.0.0. For the seasonal adjustment of the Industrial Production at 2-digit level of NACE Rev.2, at section level (B Mining Quarrying, C Manuafcturing, D Electricity and E Water Supply) and for the Main Industrial Groupings (MIGs), the direct approach is applied, namely each time-series is seasonally adjusted independently. For the overall Industrial Production, the indirect approach is applied, with the seasonally adjusted IPI being computed by aggregating the seasonally adjusted MIGs using appropriate weights. The IPI with the new base year (2010) is being released since August 2014 with June 2014 as first reference month. Data with base year 2010=100.0 are available from January 2000 onwards. More information about the methodology concerning the compilation and calculation of the index and for the time series is available on the Hellenic Statistical Authority (ELSTAT) website (www.statistics.gr). 11